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TAG Oil Ltd (2)
Symbol TAO
Shares Issued 159,742,500
Close 2023-07-31 C$ 0.65
Market Cap C$ 103,832,625
Recent Sedar Documents

TAG Oil cash at $19.5-million at March 31

2023-07-31 15:27 ET - News Release

An anonymous director reports

TAG OIL REPORTS FY2023 RESULTS AND PROVIDES CORPORATE UPDATE

TAG Oil Ltd. has filed its financial results for the fiscal year ending March 31, 2023. A copy of TAG Oil's financial statements, management's discussion and analysis (MD&A), and annual information form for its most recently completed financial year are available on SEDAR and on the company's website.

Highlights over the period include that the company had $19.5-million (March 31, 2022: $13.3-million) in cash and cash equivalents, $21.6-million (March 31, 2022: $15.4-million) in working capital, and no debt. TAG Oil continues to manage its costs and allocate the necessary resources toward its business development efforts in Egypt and other areas in the Middle East and North Africa (MENA) region.

Operationally, the company's preliminary BED 1-7 vertical well test of the Abu-Roash F (ARF) reservoir in the Badr oil field (BED-1) was successful and achieved the company's objectives for the well. Throughout the process, TAG Oil's team gained significant knowledge about operations in the Western Desert of Egypt that will be utilized for the first horizontal well, BED4-T100 (T100). Since the BED 1-7 well started production cumulative oil production from the well to date is over 6,000 barrels of 23-degree-API oil.

Following completion of the BED 1-7 well test operations, the company was able to secure a suitable drilling rig for the T100 in BED-1 horizontal well, which is designed with a multistage fracture stimulation completion of the ARF formation. The company has since commenced mobilizing the rig to the T100 location at BED-1 and the well is scheduled to commence drilling in August. The company will provide detailed drilling and completion updates in due course.

The company is also pleased to announce the promotion of four members of the company's highly experienced technical and procurement team to TAG Oil's corporate group, which will serve to strengthen operations Egypt and the broader MENA region. TAG Oil also announces the grant of 1.8 million stock options that are exercisable for a period of five years at a price of 70 cents per share to various staff members, and certain officers and directors.

About TAG Oil Ltd.

TAG Oil is a Canadian-based international oil and gas exploration company with a focus on operations and opportunities in the Middle East and North Africa.

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